Musk’s Twitter: Bluesky Maintains Independence, Dorsey Praises Musk, and Market Waits for Next Step. /

Musk’s Twitter: Bluesky Maintains Independence, Dorsey Praises Musk, and Market Waits for Next Step. 

For USD 54.20 a share, the CEO of Tesla Motors and multi-billionaire Elon Musk is acquiring Twitter, and Twitter founder Jack Dorsey has already praised the move. According to Twitter-funded bluesky, “no matter what happens,” the decentralised social media initiative will stay independent.

In exchange for a USD 44 billion value, Twitter will be removed off the open market and turned into one of the most valuable privately owned firms in the world.

Aside from a stronger emphasis on free expression, Twitter’s algorithm will be made open source and payments may be included, maybe including support for dogecoin (DOGE) or other cryptoassets. These are just some of the key changes Musk has promised for the site.

He described Musk’s goal of developing a social media network that is “maximally trusted and broadly inclusive” “the right one,” according to Jack Dorsey, a former Twitter CEO and Bitcoin champion.

“I’m very thrilled Twitter will continue to serve the public conversation,” Dorsey added. “This is the right path…I believe it with all my heart.”

Tweeting a screenshot of some of his intentions for the social network, he celebrated the deal:

 


The next steps are as follows:

The market is already speculating on what the company’s next move will be, since CEO Parag Agrawal has taken the reins following the departure of Jack Dorsey in late 2021.

Twitter’s future direction is one of several concerns being asked by the market right now. Tesla CEO Elon Musk stated in his first offer document that he had “no faith in management.”

Twitter’s current CEO, who spoke to the company’s employees on Monday, appeared to be influenced by the remarks.

“We don’t know where the platform will go when the deal complete,” Agrawal reportedly said to employees.

Even so, Musk, who is also CEO of Tesla and SpaceX, is largely regarded to be too busy to take on yet another hands-on leadership job. Agrawal is likely to remain in his position until a new CEO is appointed.

bluesky intends to remain an independent company.

As a result of the Musk-Twitter deal, other parts of the Twitter ecosystem are also experiencing a sense of unpredictability.

There is an independent research and development project called bluesky, which has been funded by Twitter, and it wrote on Twitter on Monday that it’s an LLC supported by Twitter.

There was no other constraint attached to any of the funds, it stated: “that bluesky is to research and build technologies that enable open and decentralised public discussion.”

This means that “we’re leveraging our freedom to focus on developing, and will strive toward our vision of a lasting system for public conversation no matter what occurs,” the business stated.

Musk is supposedly returning to the United States.

TechCrunch quotes Constellation Research analyst Holger Mueller as claiming that Musk is now “going back to where he started — back to software,” which is a reference to the founding of PayPal at the outset of Musk’s career.

“A number of technological advances including an edit button, perhaps threaded chats, and improved business with moderation, audience management” might be expected,” he said. “It’s a win-win for everyone.”

The economics columnist for Bloomberg and other media sites, Noah Smith, also expressed his cautious optimism about Elon Musk’s plans in a blog post.

There are so many issues with Twitter, he argued, and “to solve them, total control by one individual is the only realistic option.” He concluded that “whatever [Musk] decides to do, [Musk] is likely to be able to do.”

At least now, Smith observed, “we have an opportunity for constructive change”.

According to Bloomberg, the US Securities and Exchange Commission (SEC) is still reviewing the takeover transaction, although it does not have the authority to block it altogether.

By the time the pre-market opened at 10:20 UTC on Tuesday, Twitter shares had gained 0.35 percent, but were still short of the 54.20 agreed-upon purchase price set by Tesla’s CEO. At the same time, DOGE, Musk’s preferred cryptocurrency, rose to USD 0.16, up 29 percent in the last day.

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